Applied Digital (NASDAQ:APLD) Stock Price Up 10.6% Following Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) shot up 10.6% on Thursday after HC Wainwright raised their price target on the stock from $10.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Applied Digital traded as high as $9.38 and last traded at $9.26. 13,820,163 shares were traded during mid-day trading, a decline of 39% from the average session volume of 22,568,014 shares. The stock had previously closed at $8.37.

APLD has been the subject of a number of other research reports. Lake Street Capital lifted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $11.29.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 269,369 shares of company stock worth $2,445,461. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently modified their holdings of the company. Hood River Capital Management LLC raised its position in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the period. State Street Corp lifted its holdings in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares in the last quarter. Royce & Associates LP increased its position in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Up 13.4 %

The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $8.77 and a two-hundred day simple moving average of $6.95. The stock has a market capitalization of $2.00 billion, a P/E ratio of -8.11 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share. On average, equities research analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current year.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.